I don't believe that there was a full and complete disclosure regarding the licensing requirement. Yes they did mention upfront that it was conditional for employment but they also downplayed the intensity, difficulty and finality of it. In the interview process they stated it was no big deal and that most of the people "scored in the 90's" for the series 7 exam. In reality a great number of people struggled to barely pass. The reality was that the majority of the preparation was home study, the licensing formal prep once you got there was completely ineffective. My advice: Score what you need to score (high 80's/low 90's) before you set foot on the campus for your first day of work via the Kaplan study material or immediately start looking for another job. They will fire you if you do not pass no matter if you moved across the country, don't have another job lined up or any other immediate prospects whatsoever. If that happens your U4 is also "dirtied" and you will have no other real chance in financial services.
No doubt that perhaps it wasn't the career for me (for all those who will say I hold ultimate responsibility). I don't disagree but I think Vanguard has a responsibility to do pre-aptitude screening and testing to check for the probability as to whether someone would be successful in this field and be able to pass the mandatory licensing. Merrill Lynch for one does that even before selling someone on a career there. I believe it is Vanguard's ethical responsibility to have full transparency before people make major life changes for nothing more really than a possibility.
While I was there I also saw whole departments (processing for one) have to secure the Series 63 license before losing their jobs. In my training class there were people who had worked with the company for over 20 years and who were now forced to pass the licensing in 3 tries or they would be let go. The company was not willing to move them elsewhere. It was obvious that they needed more personalized attention to focus on their weaknesses in order to pass. It was also clear that they were in danger of losing the benefits of years of service.
I liked the idea of Vanguard as a whole but found many inconsistencies within from the image I had always admired from the outside.
